Gold Nearing $3,000 An Ounce As Prices Keep Rising

Gold soared toward the $3,000 mark on Thursday, reaching an intraday high of $2,973 before settling at $2,956 at 4 p.m. ET in the cash market.

Gold has soared to nearly 30% since January of last year to about $2,873 per ounce in early February. That tops October's record of just under $2,788.

The recent rise reflects a surge driven by President Donald Trump's newly announced tariffs on autos, semiconductors, and pharmaceuticals, which stoke inflation concerns, Yahoo! News reported.

JPMorgan strategists warned in a note that disruptive tariffs may hamper economic growth and "heighten inflation risks," pushing buyers toward "gold buying as a hedge."

Uncertainty over the Ukraine-Russia War peace talks, including Trump's remarks on potentially abandoning support for Ukraine, has also boosted the value of gold, Yahoo! News reported.

Instability in the Middle East is also a contributing factor to the surge in the value of gold, CME Group reported.

However, potential barriers remain: fewer interest rate cuts from the Federal Reserve and a strong U.S. dollar could dampen gold's rally.

Speculation about verifying U.S. gold reserves in Fort Knox—possibly revaluing them from $42 to market levels—adds to gold's growing momentum.

Although gold dropped after the U.S. presidential election, it remains near historic highs, prompting speculation about whether this bull run can push prices beyond $3,000, CME Group said.

Goldman Sachs projected gold could hit $3,100 by the end of the year, with higher targets of $3,300 if trade and policy fears continue.